BANGALORE, INDIA—Millions in new capital for Aspada Investment Company will expand support to early-stage businesses in India and help low-income people throughout the country, the Soros Economic Development Fund said today.
“SEDF is more than doubling its investment in Aspada to increase support for innovative Indian enterprises that promote economic growth and sustainable impact,” said Fawzia Naqvi, a vice president at the Soros Economic Development Fund and the India investment lead. “Our increased investment in Aspada will help local business ventures thrive and continue to make critical services and affordable goods available to a broader range of people in India.”
In April 2013, SEDF initially backed Aspada, a permanent capital holding company, with $10 million. The company is advised by Aspada Investment Advisors, led by Kartik Srivatsa and Thomas Hyland.
“We are delighted to have the continued support of the Soros Economic Development Fund, our anchor investor, to further build the Aspada platform,” said Thomas Hyland.
Aspada will also expand investments in early stage logistics and supply chain management. In January, Aspada provided financing to ThinkLink Supply Chain Services, a provider of turnkey project management, skill development, and staffing services in India’s logistics and supply chain sectors.
In March of this year, Aspada invested in NeoGrowth Credit, a provider of working capital loans and inventory financing for small merchants (SMEs) in India.
“Aspada will continue to back outstanding entrepreneurs that can build highly scalable businesses with the potential to create outsized economic and development impact in India,” added Kartik Srivatsa.
Aspada Investment Company is SEDF’s second investment vehicle in India. In 2008, the Soros Economic Development Fund, Omidyar Network, and Google, in partnership with the Indian School of Business, created the $17-million SONG Fund. SONG provides early and growth-stage capital to small and medium enterprises in areas such as affordable health care, school education, and agriculture supply chains. The SONG fund continues to be advised by Aspada Capital Advisors.
The Soros Economic Development Fund (SEDF) is a $350 million not-for-profit investment fund that seeks to build sustainable businesses that can generate economic opportunities and access to affordable and essential products and services for underserved populations. SEDF is part of the Open Society Foundations.